The Capital Pub Company is to ask its shareholders for permission to raise around £5.5m to fund up to three pub acquisitions this year.
The London pub operator wants to be able to move quickly if opportunities to purchase pubs in the tough market arise, and doesn’t want to be bound by the need to hold a shareholder meeting first, which would slow things down considerably.
Instead, it plans to hold a general meeting later this month to gain the authority from investors to issue new shares worth up to £5.5m as and when required.
A spokesman for Capital said: “This move will give the company greater flexibility and the ability to move quickly should an opportunity arise.”
In May Capital said it would introduce a share incentive scheme for employees, with the cost of the initiative being met by the directors.
Martyn Leek is news editor of BigHospitality's sister title M&C Report.